NEW YORK — Daffy’s, the struggling off-price chain that said nearly three weeks ago it was liquidating its stores, has to first make a stop in bankruptcy court.According to financial sources, factors owed money from the cash-strapped firm are pushing the company to file in order to protect their claims. Daffy’s is believed to be preparing for a filing that could occur as early as the end of this week, or risk the factors forcing the firm into an involuntary bankruptcy. A spokesman for Daffy’s could not be reached for comment.It takes at least three creditors joining forces to file a petition in bankruptcy court against a debtor.It was unclear at press time whether the filing would be a Chapter 7 liquidation or a Chapter 11 petition for bankruptcy court protection that would entail an orderly liquidation of the retail chain. Credit sources said the company is currently seeking debtor-in-possession financing, suggesting that the filing would be a Chapter 11 petition.RELATED STORY: Daffy's Says Good-Bye >>In addition, Hilco Trading was officially hired on Monday to liquidate the inventory in the stores. According to one factor, there are enough assets to at least pay off the factoring claims. Daffy’s can file in any bankruptcy court where its headquarters are located or in any state where it has retail operations. The likely choices are New York and New Jersey.According to sources, Daffy’s has already started discussions with landlords to exit store leases. The store at Herald Square was supposedly sold in December for $10 million, with the funds placed in escrow should it be needed to pay off creditors, said financial and real estate sources familiar with the transaction. Daffy’s itself does not own any of its store sites, but a few are said to be owned either directly or indirectly by Marcia Wilson, Daffy’s chairman and chief executive officer.
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)